Asset protection strategies
Setting up a trust business structure can help to protect your assets or limit your liability – regardless of how big or small your business is.
Many people incorrectly believe that trusts are just for big business owners and wealthy people, but their benefits can be utilised by almost anyone as everyone needs to ensure their assets are adequately protected.
Greenhalgh Pickard’s accountants take pride in keeping up-to-date with the latest changes in the ever-changing trust laws to ensure the advice you receive is always current. In combination with the in-house experience in insolvency law, the team’s ability to tailor superior asset protection packages is unsurpassed – regardless of whether you have assets that are low in value or needing more intricate solutions for larger asset bases.
Andrew Patrick, John Greenhalgh and Bryan Pickard are all accountants and solicitors experienced in the field of asset protection.
Setting up a trust
If you operate your business as a trust, the trustee is legally responsible for its operations. Because the trustee can be a company, this can assist in providing personal asset protection.
Setting up a trust requires a formal trust deed that outlines how the trust operates and administrative work that must be undertaken each year.
Another benefit of trusts, if set up and managed correctly, is they can reduce tax rates through the ability to distribute income to beneficiaries on a much lower, individual tax rate.
If you need advice in the area of setting up a trust, including advantages and disadvantages compared to other business structures, call (07) 5444 1022 today.
Greenhalgh Pickard’s asset protection experts
Greenhalgh Pickard is an innovative Queensland accounting and law firm, with clients predominantly living and working on the Sunshine Coast or the Whitsunday Coast but with many clients also located throughout Queensland, interstate and even overseas. With offices in Caloundra, Kawana, Coolum Beach and Airlie Beach, Greenhalgh Pickard takes pride in being trusted guides and advisers to clients everywhere.
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